Company Strategic Management

Strategic management in the company is a process that allows project managers, company stakeholders and individual team members to see the broader objectives of their work. It is crucial for every company, regardless of its size as it builds an atmosphere of camaraderie between team members and an internal North Star to guide decisions.

This involves analyzing both the external and internal environment to identify opportunities, threats, and the strengths and weaknesses of the business. The company then develops a strategy to meet its long-term objectives. These plans may include creating processes to increase the company’s competitiveness, as well as discovering unique advantages and selecting strategies that can aid in the growth of the business.

After the strategy has been created, the executive team will communicate the plan to their teams. Getting buy-in is essential to the success of any strategic plan however, it can be lengthy. The leadership team needs to create an ongoing communication system to ensure that the goals remain top of mind for employees.

The process of strategic planning is a continual process and the company should be able to revisit their objectives to accommodate disruptions or new opportunities. This requires both external and internal analysis, and the executive leadership team needs to be able to quickly redirect resources and adjust the strategic direction of the company.

One example of successful strategic management is the UAE’s Emaar Properties, which strategically built Dubai skyscrapers such as Burj Khalifa and Dubai Mall to establish itself as a world-class destination. Afterpay is another fintech that lets customers pay now and later. It has been able to capitalize on the shift in customer preferences.

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